KARACHI  - Stocks closed bullish after record earning announcement and interim payout by Pakistan State Oil.

Benchmark 100-index posted a fresh gain of 304.35 points compared to 25783.28 points compared to 25478.93 points of the previous day.  Market witnessed a ranged bound week closing 180 points up, as result season comes to an end. Volumes in Rupee terms also declined by 4pc to average Rs 6.7 billion.

Analyst Ahsan Mehanti said renewed foreign interest, rising FX reserves, easing concerns for political uncertainty and expectations for favourable CPI data for Feb’14 played a catalyst role in strong recovery of selected oversold stocks across the board at KSE. KSE-Allshare index up by 162.01 points or 0.85 percent to end the day at 19282.40 points, KSE-30 share index grew by 182.08 points or 0.98 percent to finish the day at 18755.18 points while KMI-30 share index gained 575.17 points or 1.36 percent to stop the trading at 42886.67 points.

With increasing volume of 30pc of Rs 9.838 billion market traded 234.880 million shares after opening at 165.085 million shares and the capitalisation of market settled at Rs 6.279 trillion compared to the 6.231 trillion of a day earlier.  Trading took place 369 companies where losers beat the gainers 185 to 172 while the value of 12 stocks remained intact. Nestle Pak was the biggest price loser of the day decreased by Rs 338 to Rs 9287 followed by Wyeth Pak Ltd shed by Rs 202.92 to Rs 4149.95. Pak Tobacco and Murree Brewery were the price gainers of the day increased by Rs 38.14 to Rs 801.07 and Rs 32.33 to Rs 678.94. 

AVP Equity Sales at Topline Securities Samar Iqbal said PSO surprised earning and payout caused across the board rally at local bourse. Foreign inflows in last two days also helped boost the sentiments. With increasing volume of 30pc of Rs9.8b market gained over 300 points. PSO, MLCF and BIPL are closed at their upper limits while oil stocks and cements also rallied.

JSCL topped the volume after announcing its December quarter results with 19m shares followed by TRG with 18m shares and BOP Rights with 16m shares.

Maple Leaf Cement with 14.694 million, Dewan Cement with 11.867 million, Fauji Cement with 10.707 million, Lafarge Pak with 8.851 million, Engro Fertilizer Ltd with 7.973 million, Engro Corporation with 7.886 million and Bank Al-Falah with 7.281 million shares also part of the top ten scrips of the day.